Ann: Full Year Statutory Accounts, page-81

I can equally claim you do not understand how corporate reports work.

I was clear that the consolidated financial statements are from 3 months ago. However, the directors’ and auditor’s reports are only signed on 29 September 2023.

Why do you think they are dated differently from the date of the financial statements?

In the directors’ report it is stated clearly that in the time frame between the 30 June 2023 and the date of their report, 29 September 2023 “MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR” nothing significant has occurred since 30 June 2023 to 29 September 2023 that changes anything.

Now that I put the relevant part oftheir statement in bold you may be able to read it more easily.

“No other matter orcircumstance has arisen since 30 June 2023 that has significantly affected, ormay
significantly affect:
• the Group’s operations in future financialperiods;
• the results of those operations in futurefinancial periods; or
• the Group’s state of affairs in future financialperiods.”

For me their statement is of major significance. It alsocovers the period since the last quarterly results were issued 2 months ago. Possibly you place no importance on it.

My point is that as of 29 September 2023 the company still had not been able to solve its financing problem – a funding shortfall with the amount now specified in the annual report.

Moreover, it would be quite amazing, given their statement dated 29 September 2023, if as I stated, a magical financing rabbit would be pulled out of the bag since the report of a few days ago, and before the market opens again after the weekend.

To me, it appears that it is highly unlikely, as some posters hope, that news about the sale of NE or a refinancing package would emerge before the market opens. It literally would have to have been concluded over the weekend with no mention of an impending sale, or refinancing package, when the directors’ report was signed off.

My knowledge of an auditor’s report(mostly boring) has waned over many years. However, if for argument’s sake NE was sold recently for say $75m cash, I would have thought that then their report on the annual financial statements, as of 29 September 2023, as a going concern would have read quite differently.

As to whether quarterlies now hold more weight than this report, I made no comment. However, in this case, the directors’ report was of much interest to me – progress, if any, on the financing front.